BRITAIN'S MAIN RAILWAYS NOW STATE CONTROLLED

Chronicle (Levin), 3 January 1948, Page 3

BRITAIN'S MAIN RAILWAYS NOW STATE CONTROLLED

(N.Z.PA. 1

-Reuter

, Comriaht)

( LONDON, Jan. 1. The Governmont's fourth and largest experiment in nationalisati'on began at midnight last night ' when Britain's four main railway lines and 54 other railway undertakings passed to the con'trol of the State. No^ formal ceremonies marked their handing over to the British Transport Commission and the traveller will notice no change. It will be some time before the new markings and colours are decided upon. The Times, in a leader, points out that, though the commission is smaii — five full-time members and one parttime member — its task is large. It is charged with the duty of evolving an effieient and properly integrated transport system out of what Grovernment spokesmen have described as " a very poor bag of physical assets." "Poor of not, ' ' says The Times, "the bag is of mammoth size. The commission will own, as well.as 50,0uu miles of railway, 20,000 locomotives, 45,000 passepger vehieles, nearly 1,250,000 goods wagons, 50,000 houses, 70 hotels and refreshment rooms,. over 100 steamships and 34,000 motor vehieles. ' ' Never before, ' ' adds The Times, 'o has anything of the sort been attempted. " The Treasury today announced that British Transport 3 per cent. guaranteed stock would be issued at par to holders of securities in the railway, canal and inland navigation undertakings which have been nationalised. Eacli holder of these securities will become the holder of new stock to an amount equal, pound for pound, to the value laid down in the Transport Act for his old securities. The valne of thq new Government; stock is based on the Stock Exchange quotations for part of November, 1941). The holders of Southern Railways 5 per cent. guaranteed stock will reeeive 27s 4d worth of the new Government stock. At the ofher extreme, holders of L.N.E.R, deferred ordinary stock will reeeive less tlian 9d for every £1 of the uominal value of their old L.N.E.R. stock.